INFRASTRUCTURE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS 18 NOVEMBER Global Leader In Takaful Expertise

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "INFRASTRUCTURE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS 18 NOVEMBER Global Leader In Takaful Expertise"

Transcription

1 INFRASTRUCTURE SUKUK SOHAIL JAFFER DEPUTY CEO, FWU GLOBAL TAKAFUL SOLUTIONS 18 NOVEMBER 2015 Global Leader In Takaful Expertise

2 CONTENTS 1 SUKUK MARKET OVERVIEW 2 FINANCING INFRASTRUCTURE PROJECTS 3 FINANCING INFRASTRUCTURE PROJECTS

3 1 SUKUK MARKET OVERVIEW SUKUK MARKET SLOWDOWN Sukuk market slowdown as BNM exits Sukuk as liquidity management instrument S&P forecast 2015 Sukuk issuances: US$ 60 Bn (revised down from US$ 100 Bn) International & Total Sukuk issuance (US$ Bn) Source: S&P Islamic Finance Outlook

4 1 SUKUK MARKET OVERVIEW LOCATION OF INVESTORS Sovereign issuers returned to sukuk market in 2015 GCC sovereigns, falling oil prices have spurred issuances so as to maintain CAPEX investment schedule Infrastructure finance is a leading reason for sukuk issuances Investor Locations Weighted by Investment Size Diversifying the investor base seen as a major reason for sovereign sukuk issuances 31% of sukuk issuances are taken up by the Mature markets of US & Europe Source: S&P Islamic Finance Outlook

5 2 FINANCING INFRASTRUCTURE PROJECTS SUKUK: VIABLE FINANCING METHOD Sukuk offer a viable alternative for infrastructure financing Link between infrastructure asset s revenue and Sukuk investor s return seen as attractive by many investors Estimated US$ 320 Bn AUM by Infrastructure funds G20 shortfall in Infrastructure investment US$ 20 trn To year 2030 US$ 1.3 trn Annual Shortfall Source: Financial Times 10 Nov

6 2 FINANCING INFRASTRUCTURE PROJECTS Asian / GCC example INFRASTRUCTURE SUKUK ISSUANCES 66% of infrastructure Sukuk issued by Malaysia Malaysian Annual infrastructure investment needs approx. US$ 180 billion Yet, total annual infrastructure sukuk issuances are less than US$ 30 billion annually Infrastructure Sukuk issuances by Asian and GCC countries Source: KFH research report (2014) 6

7 2 FINANCING INFRASTRUCTURE PROJECTS EXAMPLES OF INFRASTRUCTURE SUKUK Saudi Electric Company (SEC) 2013 Sukuk issuances SEC issued 2 Sukuk: both US$ 1 billion, one of 30 year tenor & one of 10 year tenor 30 year, US$ 1 billion Sukuk 10 year, US$ 1 billion Sukuk World s first 30 year Sukuk Initial profit rate of 5.06% Initial profit rate of 3.473% Both issuances demonstrated investor demand for long dated Shariah compliant paper The SEC Sukuk were issued in compliance with US Rule 144A, that allows marketing to onshore clients in the US, as well as US investors Geographic source of funding Geographic source of funding US: 27% Middle East: 25% Middle East: 49% 5 times over subscribed 8 times over subscribed Source: Asian-MENA Counsel review (2013) 7

8 2 FINANCING INFRASTRUCTURE PROJECTS Malaysian Infrastructure Sukuk EXAMPLES OF INFRASTRUCTURE SUKUK Malaysia s Dana Infra Nasional was created by the finance ministry to raise funds for large Malaysian infrastructure projects US$ 300 million, 7-15 year Sukuk Institutional investor base Tenor: 7 15 years Initial profit rate: 3.62% % Issuance proceeds used to partly finance the Klang Valley Mass Rapid Transit Project Source: MIFC Insights (Sukuk Infrastructure financing) 2013 Retail Sukuk program Exchange traded Sukuk 3 traches have been issued to date Minimum subscription RM1,000 (US$ 230) Feb (Oversubscribed 1.6 times) RM 300 Mn (US$ 69 Mn) Term: 10 year Nov RM 100 Mn (US$ 23 Mn) Term: 15 years Aug RM 100 Mn (US$ 23 Mn) Term: 7 years 8

9 9 PART 3 CONCLUSION Increasing popularity to finance infrastructure projects using Sukuk US & European investors have an appetite for long dated Sukuk paper, as demonstrated by Saudi Electric Company s 30-year Sukuk issuance Ability to market to US investors, as well as onshore clients in the US is key to sourcing investment from US capital base Positive outlook for Infrastructure Sukuk used to finance projects, particularly in Africa, Middle East and Central Asia

10 Thank you Sohail Jaffer International Business Development, Partner FWU Global Takaful Solutions Al Fattan Currency House Bldg., Level 16, Dubai International Financial Centre, Dubai UAE Tel: Fax: The information in this presentation does not constitute a sales offer, investment advice or an offer for the acquisition of financial products, and shall not in this regard imply obligations for the FWU Group or anybody else towards the readers of the presentation. This presentation is solely intended to provide information on matters of interest for the readers and as such information is not meant to replace the knowledge and the judgment of the readers who should make all appropriate inquiries. 10

ISLAMIC FINANCE INDUSTRY OUTPERFORMS IN 2013

ISLAMIC FINANCE INDUSTRY OUTPERFORMS IN 2013 The global Islamic finance industry has sustained impressive double-digit growth in 2013 despite challenging global economic conditions, such as the emerging markets funds outflows in the light of tapering

More information

ICIEC SUKUK-BASED SOLUTIONS FOR PROJECT FINANCING

ICIEC SUKUK-BASED SOLUTIONS FOR PROJECT FINANCING ICIEC SUKUK-BASED SOLUTIONS FOR PROJECT FINANCING By: Oussama A. Kaissi CEO, ICIEC Jakarta 17 th May 2016 Sukuk Market Overview Global Sukuk issuances have grown significantly over the past 15 years, Fall

More information

GLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014

GLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014 Insights GLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014 Global Primary Sukuk issuances have soared in 1H2014, with some notable events adding new opportunities to the sukuk marketplace. The world s

More information

Franklin Global Sukuk Fund

Franklin Global Sukuk Fund Franklin Templeton Shariah Funds Franklin Global Sukuk Fund Fixed Income Fund Profile Fund Details Inception Date 10 September 2012 Investment Style Benchmark(s) Fixed Income Dow Jones Sukuk (USD) Index

More information

Takaful Business Challenges and Opportunities

Takaful Business Challenges and Opportunities Life Insurance Conference 2012 Takaful Business Challenges and Opportunities 9 November 2012 Amara Sanctuary Resort Sentosa, Singapore By: Hans De Cuyper Chief Executive Officer Etiqa Insurance & Takaful

More information

US: POTENTIAL MARKET FOR ISLAMIC FINANCE

US: POTENTIAL MARKET FOR ISLAMIC FINANCE Islamic finance has made important strides into advanced economies in the US, Europe and Asia. US financial markets are the largest and most liquid in the world, and given the Islamic finance value propositions

More information

AmMetLife Takaful Equity Fund - NAV

AmMetLife Takaful Equity Fund - NAV AmMetLife Takaful Equity Fund October Moderate to High FTSE Bursa Malaysia Hijrah Shariah Index (a) Equity - Max 95% (b) Cash or cash equivalent Min 5% The Fund aims to provide the Customer with capital

More information

AmMetLife Takaful Equity Fund

AmMetLife Takaful Equity Fund AmMetLife Takaful Equity Fund February Moderate to High FTSE Bursa Malaysia Hijrah Shariah Index (a) Equity - Max 95% (b) Cash or cash equivalent Min 5% The Fund aims to provide the Customer with capital

More information

AmMetLife Takaful Equity Fund - NAV

AmMetLife Takaful Equity Fund - NAV AmMetLife Takaful Equity Fund June Moderate to High FTSE Bursa Malaysia Hijrah Shariah Index (a) Equity - Max 95% (b) Cash or cash equivalent Min 5% The Fund aims to provide the Customer with capital growth,

More information

Islamic Banking and Finance

Islamic Banking and Finance Islamic Banking and Finance Trends, Opportunities and Challenges Sohail Jaffer, June 4, 2009 0 Contents 1. Overview of Islamic Finance 2. Capital markets 3. Sharia Compliant Investments 4. Takaful 5. Islamic

More information

Dubai Islamic Bank Group announces Quarter 1, 2016 Financial Results

Dubai Islamic Bank Group announces Quarter 1, 2016 Financial Results Press Release: Dubai Islamic Bank Group announces Quarter 1, 2016 Financial Results Q1 2016 net profit up by 18 per cent to over AED 1 billion Dubai, April 27, 2016 Dubai Islamic Bank (DFM: DIB), the first

More information

ISLAMIC FINANCE: A GLOBAL VIEW

ISLAMIC FINANCE: A GLOBAL VIEW ISLAMIC FINANCE INDUSTRY: TRENDS, OPPORTUNITIES & FUTURE DIRECTION Baljeet Kaur Grewal Group Chief Economist/ Head, Global Research 8 th May 28 1 ISLAMIC FINANCE: A GLOBAL VIEW Global Deployment of Islamic

More information

The State of the Islamic Capital Market & Future Prospects

The State of the Islamic Capital Market & Future Prospects The State of the Islamic Capital Market & Future Prospects Ijlal Alvi CEO IIFM Contents Global Market Perspective The Islamic Capital Market OIC Equity Market Malaysian Capital Markets Way Forward Future

More information

Qatar Faculty of Islamic Studies Center For Islamic Economics and Finance. Sukuk from Economic, Legal, Practical and Shariah Prespectives

Qatar Faculty of Islamic Studies Center For Islamic Economics and Finance. Sukuk from Economic, Legal, Practical and Shariah Prespectives Qatar Faculty of Islamic Studies Center For Islamic Economics and Finance Sukuk from Economic, Legal, Practical and Shariah Prespectives Sukuk: Why & How to Issue? Presentation by Hussain Abdulla, Senior

More information

Sukuk Trends and listing on Stock Exchanges and Use of Sukuk/Islamic Securities as Collateral Current Status, Developments and Key Challenges

Sukuk Trends and listing on Stock Exchanges and Use of Sukuk/Islamic Securities as Collateral Current Status, Developments and Key Challenges Sukuk Trends and listing on Stock Exchanges and Use of Sukuk/Islamic Securities as Collateral Current Status, Developments and Key Challenges 11 th Meeting of the Organisation of Islamic Cooperation (OIC)

More information

S&P Shariah Indices Dow Jones Islamic Market Indices QUANTITATIVE ANALYSIS

S&P Shariah Indices Dow Jones Islamic Market Indices QUANTITATIVE ANALYSIS S&P Shariah Indices Dow Jones Islamic Market Indices QUANTITATIVE ANALYSIS Q2 2015 Contents S&P Shariah Indices S&P Global Shariah 3 S&P Pan Arab Shariah 4 Sector Composition Comparisons 5 Dow Jones Islamic

More information

Sukuk An Alternative to Bonds & A Viable Liquidity Management Tool for Financial Institutions. ISMAIL IDLE Chief Executive Officer

Sukuk An Alternative to Bonds & A Viable Liquidity Management Tool for Financial Institutions. ISMAIL IDLE Chief Executive Officer Sukuk An Alternative to Bonds & A Viable Liquidity Management Tool for Financial Institutions by ISMAIL IDLE Chief Executive Officer (1) Sukuk as a viable alternative to Conventional Bonds: DEFINING Sukuk

More information

POISED FOR GROWTH #SUKUK2017

POISED FOR GROWTH #SUKUK2017 THOMSON REUTERS SUKUK PERCEPTIONS & FORECAST STUDY 2017 POISED FOR GROWTH #SUKUK2017 ABOUT THOMSON REUTERS Islamic Finance Thomson Reuters is the leading global provider of intelligent information to the

More information

Bank Negara Malaysia Hosts Global Islamic Finance Forum 2010

Bank Negara Malaysia Hosts Global Islamic Finance Forum 2010 SIARAN AKHBAR Ref No.: 04/10/01 EMBARGO: For immediate release Bank Negara Malaysia Hosts Global Islamic Finance Forum 2010 Bank Negara Malaysia is pleased to host the second Global Islamic Finance Forum

More information

Khazanah 3 rd Exchangeable Sukuk

Khazanah 3 rd Exchangeable Sukuk Hong Kong Showcase on Islamic Finance Khazanah 3 rd Exchangeable Sukuk Muzaffar Hisham Deputy Chief Executive Officer CIMB Islamic Bank Khazanah s Re-create New Silk Road USD647 million raised through

More information

Ladies and gentlemen. Page 1 of 6. 1 MIFC publication statistics, September 2017

Ladies and gentlemen. Page 1 of 6. 1 MIFC publication statistics, September 2017 Keynote Presentation By Zainal Izlan Zainal Abidin Managing Director, Development & Islamic Markets Securities Commission Malaysia at the KLIFF 2017 Kuala Lumpur 4 October 2017 Ladies and gentlemen 1.

More information

Shamsun Anwar Hussain Director/ Head of Product Management, CIMB Islamic. Petronas A Back to Basics Approach on Sukuk Ijarah

Shamsun Anwar Hussain Director/ Head of Product Management, CIMB Islamic. Petronas A Back to Basics Approach on Sukuk Ijarah Shamsun Anwar Hussain Director/ Head of Product Management, CIMB Islamic Petronas A Back to Basics Approach on Sukuk Ijarah Contents Section 1 Section 2 Section 3 Section 4 Section 5 A gold standard in

More information

Key Statistics of Global Islamic Finance Industry

Key Statistics of Global Islamic Finance Industry Treasury Markets Association Workshop on Islamic Finance 18 August 2008 Perspectives on Development of Islamic Finance in Hong Kong Mr. Edmond Lau Executive Director (Monetary Management) Hong Kong Monetary

More information

GCC Capital Markets Watch Q4 2017

GCC Capital Markets Watch Q4 2017 GCC Capital Markets Watch Q4 2017 8 IPOs USD 2.5 billion USD 12.5 billion in Q4 2017 across GCC (Q4 2016: 1 IPO). raised from IPOs in Q4, 2017 across GCC (Q4 2016: USD 37 million). worth of bonds issued

More information

MALAYSIA ISLAMIC DEVELOPMENT BANK (IDB) GROUP INVESTMENT FORUM

MALAYSIA ISLAMIC DEVELOPMENT BANK (IDB) GROUP INVESTMENT FORUM MALAYSIA ISLAMIC DEVELOPMENT BANK (IDB) GROUP INVESTMENT FORUM BRIDGING THE GAP - FROM SILK ROAD PERSPECTIVE (DEVELOPING LINKAGES WITH THE FAR EAST COUNTRIES) 10 th May 2012 BY: DR. MASHHOUR F. MOURAD

More information

CIS REGION A GROWING OPPORTUNITY FOR ISLAMIC FINANCE

CIS REGION A GROWING OPPORTUNITY FOR ISLAMIC FINANCE CIS REGION The Commonwealth of Independent States (CIS) countries are emerging as a region of opportunity for Islamic finance. The financial sectors in the frontier CIS countries are expected to record

More information

KEY ISSUES IN ASSET & LIABILITY MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS

KEY ISSUES IN ASSET & LIABILITY MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS KEY ISSUES IN ASSET & LIABILITY MANAGEMENT FOR ISLAMIC FINANCIAL INSTITUTIONS 3 rd August 2017, InterContinental, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points This one day seminar will examine the

More information

Dubai Financial Market Investor Presentation Q3,2015

Dubai Financial Market Investor Presentation Q3,2015 Dubai Financial Market Investor Presentation Q3,2015 i CONTENTS MENASA Region : Macroeconomics.. 1 Dubai : Middle East s Financial Hub.. 5 UAE Capital Markets : DFM / ND / ADX. 10 Two Exchanges, One Market

More information

LABUAN IOFC - THE INVESTMENT ROUTE TO ASIA. LABUAN INTERNATIONAL FINANCIAL EXCHANGE The Way Forward From A Listing Sponsor s Perspective

LABUAN IOFC - THE INVESTMENT ROUTE TO ASIA. LABUAN INTERNATIONAL FINANCIAL EXCHANGE The Way Forward From A Listing Sponsor s Perspective LABUAN IOFC - THE INVESTMENT ROUTE TO ASIA 12 TH December 2006 Shangri-la Hotel, Kuala Lumpur LABUAN INTERNATIONAL FINANCIAL EXCHANGE The Way Forward From A Listing Sponsor s Perspective Presented by:

More information

ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE INVESTMENT (SRI)

ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE INVESTMENT (SRI) ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE INVESTMENT (SRI) ISLAMIC FINANCE AND SUSTAINABLE & RESPONSIBLE Islamic finance is embedded on the principles of fairness, equality and ethics that lead to

More information

8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits)

8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits) c ontents 8BURSA SUQ AL-SILA 10 SHARI AH COMPLIANT LISTED EQUITIES 2 THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE 4 BURSA MALAYSIA 6 ISLAMIC MARKETS 12 SUKUK 14 ISLAMIC REAL ESTATE

More information

The Evolution of Islamic Finance

The Evolution of Islamic Finance The Evolution of Islamic Finance Islamic finance lexicon/1 Ijara: leasing transaction where the purchase of the leased equipment at the end of the rental period is optional Mudaraba: form of financial

More information

A Series of Studies on Sukuk Issuances from different Jurisdictions IIFM 1. Series1: A study on Sukuk Issuances in Indonesia 2

A Series of Studies on Sukuk Issuances from different Jurisdictions IIFM 1. Series1: A study on Sukuk Issuances in Indonesia 2 A Series of Studies on Sukuk Issuances from different Jurisdictions IIFM 1 Series1: A study on Sukuk Issuances in Indonesia 2 August 2010 1 International Islamic Financial Market is the global standardization

More information

Investor Day 19 March 2013

Investor Day 19 March 2013 Investor Day 19 March 2013 Muzaffar Hisham Chief Executive Officer, Maybank Islamic Head, Group Islamic Banking Table of Contents Introduction 3 About Maybank Islamic 9 Financial Performance 16 Prospects

More information

Islamic Finance Industry: 2010 & Beyond

Islamic Finance Industry: 2010 & Beyond GIFF IFN Asia Forum 21 Islamic Finance Industry: 21 & Beyond Baljeet Kaur Grewal Managing Director & Vice Chairman KFH RESEARCH LTD 27 OCTOBER 21 CONTENT Overview of the Islamic Finance Industry Opportunities

More information

Making Finance Work for Africa Islamic Capital Markets

Making Finance Work for Africa Islamic Capital Markets Making Finance Work for Africa Islamic Capital Markets 12 June 2014 HANI IBRAHIM Head of Debt Capital Markets - QInvest Islamic Finance Market 2 Global Islamic Finance Assets Defined as a financial service

More information

Investor. Presentation

Investor. Presentation Dubai Financial Market Investor a Presentation 2 0 1 6 www.dfm.ae This Investor Presentation has been prepared by Dubai Financial Market PJSC ( DFM or the Company ) for investors, solely for informational

More information

Q FMG RISING 6 FUND

Q FMG RISING 6 FUND Access the World s Fastest Growing Economies Q2 2015 FMG RISING 6 FUND The Opportunity The FMG Rising 6 Fund offers exposure to the world s most exciting emerging markets; China, India, Russia, the Middle

More information

The Response of Islamic finance to the recession. 12 May 2009 Farmida Bi, Partner

The Response of Islamic finance to the recession. 12 May 2009 Farmida Bi, Partner The Response of Islamic finance to the recession 12 May 2009 Farmida Bi, Partner Islamic Finance: A different model September 2008 confidence Islamic banks had not invested in toxic assets, held actual

More information

FROM THE CHIEF EXECUTIVE OFFICER, INTERNATIONAL ISLAMIC FINANCIAL MARKET (IIFM) In the Name of Allah, the Entirely Merciful, the Especially Merciful

FROM THE CHIEF EXECUTIVE OFFICER, INTERNATIONAL ISLAMIC FINANCIAL MARKET (IIFM) In the Name of Allah, the Entirely Merciful, the Especially Merciful DISCLAIMER IIFM has prepared this publication for general information purposes only and this does not constitute an invitation or solicitation to purchase, subscribe for or sell any Sukuk or to engage

More information

Indonesia Sovereign Sukuk: Policy and Strategy

Indonesia Sovereign Sukuk: Policy and Strategy Indonesia Sovereign Sukuk: Policy and Strategy Directorate of Islamic Financing Directorate General of Debt Management Ministry of Finance Republic of Indonesia IFN Indonesia Roadshow Jakarta, 22 nd March

More information

BESTW EEK. Malaysia Seeks Takaful Growth With New Regulations. Asia/Pacific. Takaful in Malaysia. Insurance Newsletter.

BESTW EEK. Malaysia Seeks Takaful Growth With New Regulations. Asia/Pacific. Takaful in Malaysia. Insurance Newsletter. www.bestweek.com BESTW Weekly EEK Asia/Pacific Insurance Newsletter November 2011 Malaysia Seeks Takaful Growth With New Regulations Malaysia has laid out a regulatory framework aimed at building a foundation

More information

Mobilizing Islamic Finance for Long-Term Investment Financing Create an Enabling Environment for Long Term Islamic Financing

Mobilizing Islamic Finance for Long-Term Investment Financing Create an Enabling Environment for Long Term Islamic Financing Mobilizing Islamic Finance for Long-Term Investment Financing Create an Enabling Environment for Long Term Islamic Financing Hatim El-Tahir, PhD, FCIB, FCISI Director, Islamic Finance Group Deloitte &

More information

Malaysia Update. Yield Movements. Size and Composition

Malaysia Update. Yield Movements. Size and Composition Malaysia Update Yield Movements The Malaysian government has been pursuing an expansive fiscal policy since the beginning of the year. On 10 March it announced an MYR60 billion stimulus package, generating

More information

GCC Bonds and Sukuk Market Survey H Highlights

GCC Bonds and Sukuk Market Survey H Highlights Kuwait Financial Centre Markaz Fixed Income Research Survey H1 214 Highlights Notes Before Reading This Report: * GCC: Gulf Cooperation Council * GCC Aggregate Bonds and Sukuk market includes: * GCC Central

More information

SUKUK. Sovereign issuers are anticipated to lead the sukuk market in 2010 to finance higher fiscal deficits as well as support economic growth.

SUKUK. Sovereign issuers are anticipated to lead the sukuk market in 2010 to finance higher fiscal deficits as well as support economic growth. SUKUK Back on Track The market topped the USD100bln mark in 2009, underpinned by an increase in the global demand for Shariahcompliant funds for investments across a wide range of sectors and industries.

More information

Green Bonds & Islamic Finance

Green Bonds & Islamic Finance November 2016 Green Bonds & Islamic Finance Authors: Debashis Dey, Tallat Hussain and Mindy Hauman Green Finance Green Bonds are a specific sub-set of bonds used for clean energy projects, the vast majority

More information

Presale: 1Malaysia Sukuk Global Bhd.'s Proposed U.S. Dollar Denominated Benchmark Size Trust Certificates. Table Of Contents

Presale: 1Malaysia Sukuk Global Bhd.'s Proposed U.S. Dollar Denominated Benchmark Size Trust Certificates. Table Of Contents May 20, 2010 Presale: 1Malaysia Sukuk Global Bhd.'s Proposed U.S. Dollar Denominated Benchmark Size Trust Certificates Primary Credit Analyst: Takahira Ogawa, Singapore (65) 6239-6342; takahira_ogawa@standardandpoors.com

More information

A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets

A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets The Investors Conference 2005 - in conjunction with the 30 th Annual Meeting Islamic Development Bank 22 nd June 2005 A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets

More information

Retail Sukuk and SRI Sukuk: The Malaysian Experience

Retail Sukuk and SRI Sukuk: The Malaysian Experience Retail Sukuk and SRI Sukuk: The Malaysian Experience RAFE HANEEF CEO, CIMB Islamic 1 st Annual Islamic Finance Conference, Jakarta 17 May 2016 Contents Section 1 History & Development of Sukuk Market in

More information

Islamic finance. Building 150 financial institutions by Financial Services

Islamic finance. Building 150 financial institutions by Financial Services Financial Services Islamic finance Building 150 financial institutions by 2020 Authors Greg Rung Travis Hollingsworth Rico Brandenburg The gap in access to finance in the Muslim world creates attractive

More information

2030 Agenda for Sustainable Development

2030 Agenda for Sustainable Development 2030 Agenda for Sustainable Development The role of Development Finance in achieving the Sustainable Development Goals (SDGs): the Case of Islamic finance Alignment with Sustainable Development Goals (SDG)

More information

THE PRIVATE SECTOR ARM OF THE ISLAMIC DEVELOPMENT BANK GROUP

THE PRIVATE SECTOR ARM OF THE ISLAMIC DEVELOPMENT BANK GROUP THE PRIVATE SECTOR ARM OF THE ISLAMIC DEVELOPMENT BANK GROUP 3rd International Conference on Foreign Investment in Albania Islamic Corporation for the Development of the Private Sector (ICD) Member of

More information

Sukuk Market Overview & Structural Trends

Sukuk Market Overview & Structural Trends Sukuk Market Overview & Structural Trends IIFM Industry Seminar on Islamic Capital Market, Liquidity Management & Risk Mitigation Instruments Morning Pre-Conference Day Session, 19 th Annual World Islamic

More information

French Initiatives for Islamic Finance

French Initiatives for Islamic Finance 1 French Initiatives for Islamic Finance Dubai, December 15th, 2010 DIFC Conference Center Thierry Dissaux Coordinator for Islamic Finance Paris Europlace Former Special Adviser for Financial Affairs,

More information

Dubai Islamic Bank Group 1 st Quarter 2015 Financial Results Q net profit up by 34 per cent to AED 850 million

Dubai Islamic Bank Group 1 st Quarter 2015 Financial Results Q net profit up by 34 per cent to AED 850 million Press Release: Dubai Islamic Bank Group 1 st Quarter 2015 Financial Results Q1 2015 net profit up by 34 per cent to AED 850 million Dubai, April15, 2015 Dubai Islamic Bank (DFM: DIB), the first Islamic

More information

CONTRIBUTION OF ISLAMIC FINANCE TO THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT 13 NOVEMBER 2017

CONTRIBUTION OF ISLAMIC FINANCE TO THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT 13 NOVEMBER 2017 CONTRIBUTION OF ISLAMIC FINANCE TO THE 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT 13 NOVEMBER 2017 AUTHOR: HABIB AHMED Durham University Business School, Durham University, United Kingdom habib.ahamed@durham.ac.uk

More information

AN OVERVIEW OF THE UAE S NEW COMMERCIAL COMPANIES LAW

AN OVERVIEW OF THE UAE S NEW COMMERCIAL COMPANIES LAW AN OVERVIEW OF THE UAE S NEW COMMERCIAL COMPANIES LAW Following several years of discussions, considerations and preparations, the UAE s new Commercial Companies Law No. 2 of 2015 (the New Law all the

More information

Contribution of Islamic Finance to the 2030 Agenda for Sustainable Development (with special reference to infrastructure finance)

Contribution of Islamic Finance to the 2030 Agenda for Sustainable Development (with special reference to infrastructure finance) Contribution of Islamic Finance to the 2030 Agenda for Sustainable Development (with special reference to infrastructure finance) Habib Ahmed Durham University Business School, UK 1 Infrastructure Investment

More information

Cagamas Berhad National Mortgage Corporation of Malaysia Corporate Bond Market in Malaysia : Issuer Perspective

Cagamas Berhad National Mortgage Corporation of Malaysia Corporate Bond Market in Malaysia : Issuer Perspective Cagamas Berhad National Mortgage Corporation of Malaysia Corporate Bond Market in Malaysia : Issuer Perspective HIGHLY RESTRICTED 1 Overview Section 1: Local Currency Bond Market Overview Section 2: Challenges

More information

2 nd Annual Note on Recent Developments in Local Currency Bond Markets (LCBMs) 1. August 2014

2 nd Annual Note on Recent Developments in Local Currency Bond Markets (LCBMs) 1. August 2014 2 nd Annual Note on Recent Developments in Local Currency Bond Markets (LCBMs) 1 August 2014 The development of local currency bond markets (LCBMs) in emerging market economies (EMEs) is important for

More information

GREEN SUKUK: PRESENT STATE AND FUTURE OUTLOOK

GREEN SUKUK: PRESENT STATE AND FUTURE OUTLOOK GREEN SUKUK: PRESENT STATE AND FUTURE OUTLOOK Dr. Mohammad Mahbubi Ali Dr. Shahino Mah Abdullah International Institute of Advanced Islamic Studies (IAIS) Malaysia SSE Country Snapshot Introduction Introduction

More information

DIB TIER 1 SUKUK LTD. (incorporated with limited liability under the laws of the Cayman Islands)

DIB TIER 1 SUKUK LTD. (incorporated with limited liability under the laws of the Cayman Islands) DIB TIER 1 SUKUK LTD. (incorporated with limited liability under the laws of the Cayman Islands) U.S.$1,000,000,000 Tier 1 Capital Certificates On 19 March 2013 each of DIB Tier 1 Sukuk Ltd. (the Trustee)

More information

The Relationship Between the Sustainable Development Goals and Islamic Finance

The Relationship Between the Sustainable Development Goals and Islamic Finance The Relationship Between the Sustainable Development Goals and Islamic Finance Prof. Robert G. Eccles Professor, Said Business School, Oxford University Chairman, Arabesque Partners Harvard Law School

More information

An Overview of Sukuk and its Application In Global Fixed Income Markets

An Overview of Sukuk and its Application In Global Fixed Income Markets An Overview of Sukuk and its Application In Global Fixed Income Markets Sukuk, commonly known as Islamic bonds, are a recent entry to the world of finance. (Sukuk were used extensively in the Middle Ages,

More information

MONTHLY FACT SHEETS May 2016

MONTHLY FACT SHEETS May 2016 MONTHLY FACT SHEETS May Al Mal UAE Equity Al Mal MENA Equity Al Mal Saudi Shariah Equity Al Mal MENA Income Al Mal Liquidity 48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930,

More information

LATEST DEVELOPMENTS IN RISK MANAGEMENT, BASEL III & CAPITAL ADEQUACY FOR BANKS

LATEST DEVELOPMENTS IN RISK MANAGEMENT, BASEL III & CAPITAL ADEQUACY FOR BANKS LATEST DEVELOPMENTS IN RISK MANAGEMENT, BASEL III & CAPITAL ADEQUACY FOR BANKS 23 rd February 2017, InterContinental, KUALA LUMPUR SIDC CPE - accredited: 10 CPE Points Developments in the Basel global

More information

THE FUTURE OF INFRASTRUCTURE FINANCE IN MEASA

THE FUTURE OF INFRASTRUCTURE FINANCE IN MEASA Infrastructure brings economic and social value to a country: it can drive economic growth by facilitating business activity; it can provide residents with essential services, from mobility to electricity;

More information

International Foreign Reserves

International Foreign Reserves International Foreign Reserves 29 International Foreign Reserves Solving the Global Reserve Problem The Asian financial crisis in 1997 marks an end to an era of unrestricted capital flows and unprecedented

More information

GROWTH & INCOME INDEX 2014 UNIT TRUST FUND INVESTOR BEHAVIOUR STUDY MALAYSIA

GROWTH & INCOME INDEX 2014 UNIT TRUST FUND INVESTOR BEHAVIOUR STUDY MALAYSIA GROWTH & INCOME INDEX 204 UNIT TRUST FUND INVESTOR BEHAVIOUR STUDY MALAYSIA June 204 CONTENT Foreword By Eastspring Investments Executive Summary The Growth & Income Index Investors Current and Projected

More information

Inflation-linked Bonds Recent Trends in Emerging Markets

Inflation-linked Bonds Recent Trends in Emerging Markets Recent Trends in Emerging Markets Eighth Annual OECD-World Bank-IMF Global Bond Market Forum 9-10 May 2006, Washington DC Anderson Caputo Silva Senior Debt Specialist The World Bank 05/17/2006 1 Recent

More information

Sal. Oppenheim European Financial Conference

Sal. Oppenheim European Financial Conference Sal. Oppenheim European Financial Conference Zurich November 20, 2007 Renato Fassbind, Chief Financial Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information

More information

Invesco Fixed Income Investment Insights China green bonds: A sustainable asset class

Invesco Fixed Income Investment Insights China green bonds: A sustainable asset class Invesco Fixed Income Investment Insights China green bonds: A sustainable asset class October, 2017 Ken Hu Chief Investment Officer, Fixed Income, Asia Pacific China is shifting the green bond market with

More information

BAML Banking and Financial Services Conference

BAML Banking and Financial Services Conference BAML Banking and Financial Services Conference Bennett Goodman Senior Managing Director & Co-Founder, GSO Capital Partners November 13, 2012 Blackstone is a global leader in the faster growing alternative

More information

Malayan Banking Berhad

Malayan Banking Berhad Malayan Banking Berhad 0 Table of Content Emerging Financial Services Leader Transformation Journey Expansion in ASEAN and Beyond 1 We are the largest Financial Services Group in Malaysia Leadership Position

More information

James R. Stull. Matters

James R. Stull. Matters James R. Stull Partner Middle East and Islamic Finance and Investment / Private Equity Dubai: +971 4 377 9929 Riyadh: +966 11 466 9447 Mobile: +971 56 174 8672 jstull@kslaw.com James Stull specializes

More information

Q Investor Presentation

Q Investor Presentation Q1-2016 Investor Presentation Kuwait Telecommunications Company K.S.C.P Table of content VIVA s History in Brief 2 Key Milestones 3 Vision and Values 4 Shareholders' Structure 5 Population & Penetration

More information

Arab Bank Group INVESTOR RELATIONS PRESENTATION. December 31, 2016

Arab Bank Group INVESTOR RELATIONS PRESENTATION. December 31, 2016 Arab Bank Group INVESTOR RELATIONS PRESENTATION December 31, 2016 1 TABLE OF CONTENTS General Information Financial Data & KPIs Credit Rating Stock Information Corporate Governance Disclaimer Appendix

More information

Four IPOs in Q across GCC

Four IPOs in Q across GCC Press Release Date 5 November 2017 PR Contact Follow: Sarah Salman +971 (0) 4 304 3711 sarah.salman@pwc.com PwC Middle East @PwC_Middle_East Dubai 5 November 2017: Initial Public Offerings Four IPOs in

More information

CAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS. Research, Market Infrastructure and Product Development

CAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS. Research, Market Infrastructure and Product Development CAPITAL MARKETS AUTHORITY ISLAMIC CAPITAL MARKETS CONSULTATIVE FORUM Research, Market Infrastructure and Product Development 19 TH OCTOBER 2011 PRESENTATION OUTLINE Introduction Historical Development

More information

Takaful - Reviving the Mutual model

Takaful - Reviving the Mutual model building value together 2 June 2011 Takaful - Reviving the Mutual model Zainal Abidin Mohd Kassim, FIA Global Insurance Conference 2011 www.actuarialpartners.com Proprietary based Insurance Consumers are

More information

CAPITAL MARKET STRATEGY TO ENHANCE INFRASTRUCTURE FINANCING AND FINANCIAL INCLUSION: THE CASE OF INDONESIA SARJITO

CAPITAL MARKET STRATEGY TO ENHANCE INFRASTRUCTURE FINANCING AND FINANCIAL INCLUSION: THE CASE OF INDONESIA SARJITO CAPITAL MARKET STRATEGY TO ENHANCE INFRASTRUCTURE FINANCING AND FINANCIAL INCLUSION: THE CASE OF INDONESIA SARJITO Deputy Commissioner of Capital Market Supervisory I 1st Annual Islamic Finance Conference

More information

New Debt Issue Investor Presentation. September 2007

New Debt Issue Investor Presentation. September 2007 Carrefour Group Representatives Eric Reiss Chief Financial Officer Jean-Brieuc Le Tinier Director of Corporate Treasury 2 Summary Group Overview Business Strategy Financial overview Key credit strengths

More information

Economic Update 18 September 2016

Economic Update 18 September 2016 Economic Update September Macroeconomic outlook Kuwait: Non-oil growth resilient on investment, as fiscal measures reassure > Nemr Kanafani Senior Economist +, nemrkanafani@nbk.com Overview and outlook

More information

Etisalat Group. BAML MENA & Frontier Markets Conference th November 2014, Dubai

Etisalat Group. BAML MENA & Frontier Markets Conference th November 2014, Dubai Etisalat Group BAML MENA & Frontier Markets Conference 2014 20 th November 2014, Dubai Disclaimer Emirates Telecommunications Corporation and its subsidiaries ( Etisalat or the Company ) have prepared

More information

Building Scale and Broadening Horizons of Islamic Investments

Building Scale and Broadening Horizons of Islamic Investments Building Scale and Broadening Horizons of Islamic Investments Conference Day 1, Monday 19 th May 2014 08.00 to 09.00 Registration and Morning Refreshments 09.00 Opening of the 10 th Anniversary Special

More information

Malaysia. Yield Movements. Size and Composition

Malaysia. Yield Movements. Size and Composition Market Summaries Malaysia Yield Movements Between end-september and end-december, the local currency (LCY) government bond yield curve in Malaysia flattened as yields rose at the shorterend and fell from

More information

Takaful and Retakaful Challenges and Opportunities for Actuaries

Takaful and Retakaful Challenges and Opportunities for Actuaries Life Conference and Exhibition 2011 Safder Jaffer and Lindsay Unwin (Milliman) Takaful and Retakaful Challenges and Opportunities for Actuaries 22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk

More information

Research Update: Petroliam Nasional Bhd. Ratings Affirmed; Proposed Notes Assigned 'A-' Rating

Research Update: Petroliam Nasional Bhd. Ratings Affirmed; Proposed Notes Assigned 'A-' Rating July 28, 2009 Research Update: Petroliam Nasional Bhd. Ratings Affirmed; Proposed Notes Assigned 'A-' Rating Primary Credit Analyst: Andrew Wong, Singapore (65) 6239-6306;andrew_wong@standardandpoors.com

More information

Results for the first nine months of 2017

Results for the first nine months of 2017 Results for the first nine months of 2017 Results up sharply thanks to the integration of Pioneer and business momentum Net inflows 1 of + 58bn over the first nine months o/w + 31bn in Q3 2017 Activity

More information

ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION

ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION ISLAMIC FINANCIAL SERVICES INDUSTRY DEVELOPMENT: 10-YEAR FRAMEWORK AND FUTURE DIRECTION PRESENTED AT: 9th IDB Global Forum on Islamic Finance 24 June 2014 Jaseem Ahmed Secretary General ISLAMIC FINANCIAL

More information

LONDON UPSTREAM OIL AND GAS FUNDRAISINGS: 12 months to 30 September 2014

LONDON UPSTREAM OIL AND GAS FUNDRAISINGS: 12 months to 30 September 2014 LONDON UPSTREAM OIL AND GAS FUNDRAISINGS: 12 months to 3 September 214 November 214 Mid-market Oil & Gas raises $1bn in London The Equity Capital Markets have continued to be difficult for natural resource

More information

THE SUKUK HANDBOOK. A Guide To Structuring Sukuk. Second Edition

THE SUKUK HANDBOOK. A Guide To Structuring Sukuk. Second Edition THE SUKUK HANDBOOK A Guide To Structuring Sukuk Second Edition CONTENTS THE HISTORY AND DEVELOPMENT OF SUKUK... 1 SUMMARY OF SUKUK STRUCTURES... 6 SUKUK AL-IJARA... 9 CASE STUDY: GOVERNMENT OF DUBAI US$5

More information

Asia Bond Monitor November 2015

Asia Bond Monitor November 2015 1 February 16 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Bangko Sentral ng Pilipinas (BSP) decided on 11 February to keep unchanged the overnight borrowing rate at.% and

More information

AmanahRaya Islamic Equity Fund (ARIEF)

AmanahRaya Islamic Equity Fund (ARIEF) AmanahRaya Islamic Equity Fund (ARIEF) This Fund aims to provide investors with above average capital growth over a medium to long term period by investing in a carefully selected portfolio of stocks which

More information

Global Sukuk Market Outlook: Another Strong Performance In 2018?

Global Sukuk Market Outlook: Another Strong Performance In 2018? Global Sukuk Market Outlook: Another Strong Performance In 2018? Primary Credit Analyst: Mohamed Damak, Dubai (971) 4-372-7153; mohamed.damak@spglobal.com Secondary Credit Analysts: Emmanuel F Volland,

More information

TAKAFULINK DANA EKUITI DINASTI FUND PROFILE 2016

TAKAFULINK DANA EKUITI DINASTI FUND PROFILE 2016 TAKAFULINK DANA EKUITI DINASTI FUND PROFILE 2016 TAKAFUL & US Takaful is a mutual assistance concept based on the principles of shared responsibility, cooperation and common interest. Each covered participant

More information

PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK

PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE EQUITY FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private equity industry continues to grow and evolve,

More information

PUBLIC SUKUK FUND RESPONSIBILITY STATEMENT

PUBLIC SUKUK FUND RESPONSIBILITY STATEMENT S-24 30 November 2017 PUBLIC SUKUK FUND RESPONSIBILITY STATEMENT This Product Highlights Sheet has been reviewed and approved by the directors of Public Mutual Berhad and they collectively and individually

More information

Preqin Special Report: North American Endowments as Investors in Private Equity Funds

Preqin Special Report: North American Endowments as Investors in Private Equity Funds Content Includes Investor Universe An insight into how North America-based endowments fit into the overall private equity investor space. Preqin Special Report: North American Endowments as Investors in

More information